Ins. by s. 154, ibid. (w.e.f. 9-8-2019). — THE NATIONAL HOUSING BANK ACT, 1987

3. Ins. by s. 154, ibid. (w.e.f. 9-8-2019). (iii) at any time fails to fulfil any of the conditions referred to in clauses (a) to (g) of sub -section (4); or (iv) fails— (a) to comply with any direction issued by the 1 [Reserve bank or the National Housing Bank] under the provisions of this Chapter; or (b) to maintain accounts in accordance with the requirement of any law or any direction or order issued by the 1 [Reserve bank or the National Housing Bank] under the provisions of this Chapter; or (c) to submit or offer for inspection its books of account and other relevant documents when so demanded by an inspecting authority of the 1 [Reserve bank or the National Housing Bank]; or (v) has been prohibited from accepting deposit by an order made by the National Housing Bank under the provisions of this Chapter and such order has been in force for a period of not less than three months: Provided that before cancelling a certificate of registration on the ground that the 2 [housing finance institution which is a company] has failed to comply with the provisions of clause (ii) or has failed to fulfil any of the conditions referred to in clauses (a) to (g) of sub-section (4), the 3 [Reserve Bank], unless it is of the opinion that the delay in cancelling the certificate of registration shall be prejudicial to public interest or the interest of the depositors or the 2 [housing finance institution which is a company], shall give an opportunity to such institution on such terms as the 3 [Reserve Bank] may specify for taking necessary steps to comply with such provision or fulfilment of such condition: Provided further that before making any order of cancellation of certificate of registration, such institution shall be given a reasonable opportunity of being heard. (7) A housing finance institution aggrieved by the order or rejection of application for registration or cancellation of certificate of registration may prefer an appeal, within a period of thirty days from the date on which such order of rejection or cancellation is communicated to it, to the Central Government and the decision of the Central Government where an appeal has been preferred to it, or of the 3 [Reserve Bank] where no appeal has been preferred, shall be final: Provided that before making any order of rejection of appeal, such institution shall be given a reasonable opportunity of being heard. Explanation . — For the purposes of this section,— (I) " net owned fund " means— (a) the aggregate of the paid-up equity capital and free reserves as disclosed in the latest balance -sheet of the housing finance institution after deducting therefrom— (i) accumulated balance of loss; (ii) deferred revenue expenditure; and (iii) other intangible assets; and (b) further reduced by the amounts representing— (1) investments of such institution in shares of— (i) its subsidiaries; (ii) companies in the same group;

Section 3